Mastering Your Budget - Vanee Barcinas

What is a common personal budgeting technique?

• Envelope system

• 50/30/20 rule

• Pay yourself first

• Zero-based budgeting

How do you create a monthly budget?

• Estimate expenses without tracking income

• Only focus on fixed expenses

• List income, categorize expenses, subtract expenses from income, adjust as needed, and track spending.

• Ignore savings and emergency funds

What is an effective way to track your expenses?

• Use a budgeting app or spreadsheet to categorize and record your expenses.

• Ignore all receipts and rely on memory.

• Only track expenses once a month.

• Use cash exclusively and avoid any records.

What are some strategies for saving for short-term goals?

• Set a target amount and timeline, use a high-yield savings account, automate savings, cut expenses, and track progress.

• Invest in long-term stocks

• Buy luxury items on credit

• Ignore budgeting completely

How can you manage debt responsibly?

• Create a budget, prioritize high-interest debts, make consistent payments, avoid new debt.

• Invest in high-risk stocks to pay off debt

• Ignore all debts until they are due

• Take out more loans to cover existing debts